Have you been dreaming of a place in the country? Well, here is your opportunity to live the quiet life in the country with no HOA. This 4-5 bedroom/2.5 baths home in Markleville has enough space for everyone with over 3000 sq ft. It sits on 2.4 acres with a barn that has water/electricity, 3 sheds, pond, and pasture. The home has two living areas, one on the first floor off the kitchen, the second is upstairs and features a large open room with sliding doors out to the huge upper deck, gas fireplace, bamboo flooring, and a room that could be used as a bedroom, office, etc. It is wired to accommodate a tanning bed if desired. Each bedroom has a large closet; one is cedar lined for those out of season clothes to be stored safely and one bedroom has an adjoining room that could be used as a playroom or converted to a Jack/Jill bath. The master bath has a heated jacuzzi tub. The large utility room is located downstairs with the bedrooms and has hookups available for 2 washers/dryers that can be either gas or electric. The washer/dryer stay along with the newer stainless-steel refrigerator and double oven gas range. There's a dishwasher, trash compactor, garbage disposal, walk-in pantry for extra storage, full house filtration, stainless steel farmhouse sink, and nook in the generously sized kitchen. Many of the floors in the main areas are the original hardwoods. The oversized 2-3 car detached garage has loads of storage in the loft, a wood burner for heat, work bench, and plug-ins for an electric car and welder. The above ground pool has been removed, but the electric set-up remains. It has smart home features already added such as security system, keypad entries, ring doorbell, and Alexa will control your lights for you upon request. Some updates include: two new HVAC systems in 2019, main level roof was replaced 4 years ago, second story 8 years ago, new well 3 years ago. This home could use some TLC, but there's so much potential here to make it your own.
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
